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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDow falls more than 300 points after Fed raises rates, sees 'ongoing' hikesDavid Kelly of JPMorgan asset management, Jim Caron of Morgan Stanley Investment Management, and Cameron Dawson of NewEdge Wealth join 'The Exchange' to discuss the latest Fed rate decision.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe expect Brent oil prices to be between $85 and $95 a barrel this year, says JPMorganKerry Craig of JPMorgan Asset Management says unless China's economy sees "an absolute surge in growth," oil prices are unlikely to hit over $100 a barrel this year.
While net international migration in 2022 wasn't as high as in 2016 — the high point for immigration between 2010 to 2022 — it's still the highest since 2017. Additionally, the authors note that 2022 is the "first time net international migration increased since 2016." The US would have had about two million more immigrants if not for those policies, Insider estimated based on the average growth rate from 2011 to 2016 for net international migration. According to Peri, "the number of immigrants who can come in legally is constrained" by laws and procedures that haven't really changed. Since entering office, President Joe Biden has reversed a number of Trump's restrictive immigration policies, although a number of them are still in place.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan's Gabriela Santos: This is the most optimistic we've been about bonds since 2010Gabriela Santos, JPMorgan Asset Management global market strategist, joins CNBC's 'Squawk Box' to discuss her positioning breakdown, why the 60/40 portfolio is back, and more.
Watch CNBC's full interview with J.P. Morgan's Gabriela Santos
  + stars: | 2023-01-24 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with J.P. Morgan's Gabriela SantosGabriela Santos, JPMorgan Asset Management global market strategist, joins CNBC's 'Squawk Box' to discuss her positioning breakdown, why the 60/40 portfolio is back, and more.
SINGAPORE, Jan 20 (Reuters) - Japan's central bank appears to have scored an interim win in its long-drawn battle with bond bears. The Bank of Japan's (BOJ) policy meeting this week was, at first glance, a damp squib for excited markets. It maintained its cap on 10-year yields, defying market expectations for change, and modified a funds-supply operation such that it offers more money for longer tenors to banks. After Wednesday's decision to retain ultra-low rates, 10-year bond yields, which had been testing the BOJ's 0.5% cap for a week, settled below 0.4%, suggesting many speculators were closing positions. "Most people are concerned about market liquidity in the bond market," a senior trader at a global bank in Asia told Reuters.
JPMorgan begins private lending drive with $10 billion - source
  + stars: | 2023-01-19 | by ( ) www.reuters.com   time to read: +1 min
Jan 19 (Reuters) - JPMorgan Chase & Co (JPM.N) has set aside at least $10 billion to back its foray into the world of direct lending, a person with knowledge of the matter told Reuters on Thursday. The Wall Street titan's move into the market is likely to put it head to head with established sector heavyweights such as Ares Management Corp (ARES.N) and Apollo Global Management (APO.N). Last week, JPMorgan Chief Financial Officer Jeremy Barnum told investors the bank was "absolutely open for business" in leveraged lending even as other U.S. banks are expected to book significant losses on risky loans underwritten last year. JPMorgan Asset Management has in recent years separately expanded its private credit platform unit, which targets opportunities in the direct lending segment, with plans to expand into other private credit strategies in the future. Reporting by Manya Saini in Bengaluru and Saeed Azhar in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
I'm sorry to say when you dig deeper into the practices of opaque crypto exchanges, there's little to restore that faith. Timothy Cradle, director of regulatory affairs at Blockchain Intelligence, told Insider that wash trading is market manipulation. NBER researchers estimated that wash trading comprises nearly half of all transactions on Binance, the world's largest crypto exchange by volume. Similarly, KuCoin, another top-five crypto exchange, was estimated to have 52.9% of its transactions consist of wash trading (which the company denied). Are you surprised that the researchers found wash trading to be so rampant a practice?
Goldman Sachs missed fourth-quarter estimates, while Morgan Stanley exceeded expectations. The New York Fed's Empire State Manufacturing Index declined nearly 22 points to -32.9, the lowest reading in nearly two years. Goldman Sachs contributed most to the market's sour sentiment, with the firm missing fourth-quarter expectations and weighing heavily on the Dow. Morgan Stanley reported better-than-expected earnings. Early Tuesday, the New York Fed's Empire State Manufacturing Index declined nearly 22 points to -32.9, the lowest reading in nearly two years.
The Fed can claim victory in its war against inflation and needs to stop hiking interest rates, according to JPMorgan's David Kelly. This is a war that they've won, and they're in danger of tipping the economy into recession," he said. Kelly expects three consecutive rate increases of 25 basis points each by May and sees borrowing costs staying there till year-end. This is a war that they've won, and they're in danger of tipping the economy into recession. I think they're making the fiscal problem worse, so I wish they would be done," Kelly said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with JPMorgan's Meera Pandit and Stifel's Lindsey PiegzaMeera Pandit, JPMorgan Asset Management global market strategist, and Lindsey Piegza, Stifel chief economist, join CNBC's 'Squawk Box' to discuss CPI expectations, Fed policy outcomes, and market indicators.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market doesn't necessarily seem to be set up for a severe recession, says Meera PanditMeera Pandit, JPMorgan Asset Management global market strategist, and Lindsey Piegza, Stifel chief economist, join CNBC's 'Squawk Box' to discuss CPI expectations, Fed policy outcomes, and market indicators.
Investors shouldn't pile into stocks yet — but should be ready to jump in, a JPMorgan strategist said. "We think they're close to wrapping it up, thank goodness," Phil Camporeale told CNBC Wednesday. Camporeale told CNBC's "Closing Bell" on Wednesday. But the bank is readying itself for any potential Fed-fueled rally by snapping up call options on some S&P 500 stocks, Camporeale said. "Right now we're long some calls on the S&P," Camporeale told CNBC.
The Fed is close to pausing, says JPMorgan's Phil Camporeale
  + stars: | 2023-01-11 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed is close to pausing, says JPMorgan's Phil CamporealePhil Camporeale, JPMorgan Asset Management portfolio manager, joins 'Closing Bell' to discuss his positioning in the market and his belief that the Fed will soon pause rate hikes.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with JPMorgan Asset Management's Phil CamporealePhil Camporeale, JPMorgan Asset Management portfolio manager, joins 'Closing Bell' to discuss his positioning in the market with his belief that the Fed will pause soon.
Those realizations came to head repeatedly in 2022 as crypto hacks and a wintry bear market crescendoed with the collapse of Sam Bankman-Fried's FTX. On a macro level, persistent recession fears make speculative assets such as tokens or tech stocks less enticing. More notable is crypto bank Silvergate's nearly 50% plunge Thursday, and the company's announcement it would cut 40% of its staff. Job cuts at Amazon and Salesforce signal the first necessary step in staging a turnaround for tech stocks. All told, analysts predict layoffs could catalyze a 20% rally for tech stocks in 2023.
China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday. It will also downgrade the seriousness of COVID-19 as it has become less virulent and will gradually evolve into a common respiratory infection. read moreBy Tuesday morning in Hong Kong, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.5%. China's bluechip gained 0.6% and Japan's Nikkei stock index (.N225) rose 0.43%. The dollar moved broadly lower on Tuesday while Australia's and New Zealand's currencies jumped as risk appetite grew after China scrapped its quarantine rule.
As if this year didn't bring us enough bad news in the market, there's a steady chance 2023 brings more of the same. But Saint Nick's absence isn't the elephant in the room for markets — it's the Fed. Billionaire hedge fund manager David Tepper said he's "leaning short" on the stock market as the calendar changes. In a bid to squash decades-high inflation, this year the Fed has embarked on a historic interest rate-hiking campaign. "What the forwards in the Fed Funds futures are telling us is that it's increasing the probability that there's going to be a recession at some point," Caron said in a Bloomberg interview.
Scott Kirby, CEO of United Airlines, told CNBC that there could be a "mild recession induced by the Fed." Here's what experts are saying about a recession in 2023Some Wall Street experts and economists think the US could avoid a recession next year, and that even if one comes, it will likely not be as severe as the downturns after the 2008 financial crisis and the early Covid pandemic. As Insider's Brian Evans reported, economists at Bank of America think there will be a mild recession too. While some think a recession is on the horizon, there's a chance that the US may not enter one at all. "I think we would need to see a significant deterioration in the labor market for me to think we're in a recession, and we have not seen any significant deterioration yet," Bunker said.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Georgetown's Paul McCulley and JPMorgan's David KellyPaul McCulley, former PIMCO chief economist, and David Kelly, JPMorgan Asset Management chief global strategist, join 'Squawk on the Street' to discuss whether the Fed's likely to go too far with interest rate hikes, how investors should position for the long-run and more.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's no reason for the Fed to incite recession to curb inflation, says JPMorgan's David KellyPaul McCulley, former PIMCO chief economist, and David Kelly, JPMorgan Asset Management chief global strategist, join 'Squawk on the Street' to discuss inflation and whether the Fed's going to go too far with interest hikes, how investors should position for the long-run and more.
The Bank of Japan (BOJ) widened the allowable band for long-term yields to 50 basis points either side of its 0% target, from 25 basis points previously. European stock markets hit six-week lows, with the German (.GDAXI) and French benchmark indices (.FCHI) falling by as much as 1%, while London's FTSE 100 (.FTSE) lost as much as 0.8%. Japanese 10-year government bond yields surged to their highest since 2014, with euro zone yields following suit. The policy decision caused an immediate spike in the yen with the dollar index dropping 0.80% to 103.95, a six-month low. Credit Suisse on Monday upgraded its outlook from neutral to outperform for China's stock markets in the year ahead.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings estimates, credit spreads are not accurate, says JPMorgan's Gabriela SantosGabriela Santos, global market strategist at JPMorgan Asset Management, joins CNBC's 'Squawk Box' to discuss the Federal Reserve's latest interest rate decision and its impact on markets.
Trovata, a cash management fintech startup, has partnered with JPMorgan Asset Management. JPMorgan has continued its push into fintech with a partnership with US cash management startup Trovata. California-based Trovata, which was founded in 2016, has been repeatedly backed by JPMorgan and has raised $57.6 million from investors to date. The startup offers cash management services to companies through an API. The tie-up will see Trovata host Morgan Money, JPMorgan's trading and risk management infrastructure, on its platform.
New York CNN —‘Tis the season for Wall Street strategists to pack their clients’ inboxes with market predictions for 2023. Market analysts aren’t alone. “US equity returns will be driven by earnings against a backdrop characterized by elevated market volatility,” write JPMorgan analysts. The effort was initially touted as a “Big Bang 2.0” — a nod to the rapid deregulation of UK financial markets under former Prime Minister Margaret Thatcher in 1986. The changes are a bid to maintain London’s role as a global financial hub after Brexit, which, alongside political turmoil, has boosted uncertainty for companies thinking about where to invest.
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